GoldMarket – Pakistan Jewellers Intensify Protest Over Taxation Dispute
GoldMarket – Jewellers across Pakistan staged a countrywide shutdown on Monday, suspending business activities in several major cities, including Karachi, to protest against what industry representatives described as unfair taxation practices, administrative pressure, and alleged corruption within the Federal Board of Revenue (FBR).
Traders Gather to Voice Concerns
A large number of jewellery traders assembled in Karachi to express their dissatisfaction with the current tax framework. Industry leaders argued that recent fiscal measures have created serious challenges for businesses operating in the sector. Demonstrators called on authorities to review the existing policies and engage in meaningful discussions with stakeholders.
Speaking during the protest, prominent trader representative Qasim Shikarpuri stated that multiple rounds of discussions with government officials in Islamabad had failed to produce a satisfactory solution. He maintained that jewellers were prepared to fulfill their legal tax obligations but opposed what they viewed as excessive demands from tax officials.
Allegations Against Tax Authorities
Shikarpuri accused revenue officials of creating an environment that places significant financial pressure on traders. According to him, members of the jewellery industry have faced demands that go beyond legitimate taxation requirements. He further claimed that jewellers in several regions, including Peshawar, had been subjected to substantial financial demands running into hundreds of millions of rupees.
The trader leader also criticized recent tax regulations, arguing that they unfairly target the jewellery sector. He specifically objected to reports of a sharp rise in tax-related liabilities, saying that such measures could negatively affect businesses and employment linked to the industry.
Industry Highlights Existing Tax Contributions
Representatives from the jewellery sector emphasized that the industry already contributes a considerable amount to national tax revenues. According to industry estimates, jewellers collectively pay around Rs22 billion annually in taxes.
They stated that proposals had been presented to increase this contribution to approximately Rs44 billion. However, traders stressed that any agreement must be based on transparency and fairness. Industry representatives said they would continue negotiations but would not accept additional burdens that they believe lack proper justification.
Warning of Wider Business Closures
Protest organizers warned that the current shutdown could expand if discussions with government authorities fail to achieve progress. They indicated that a broader nationwide closure involving more businesses may be announced in the coming days if their concerns remain unresolved.
The protest reflects growing tensions between tax authorities and one of the country’s key trading sectors. Industry leaders have called for a balanced approach that supports revenue collection while ensuring a stable business environment.
Gold Market Trends Under Observation
Meanwhile, market analysts noted renewed strength in gold prices following a recent period of decline. Commodity experts observed that the precious metal has recovered some of its lost ground and is approaching important technical levels being closely monitored by investors.
According to market observers, a sustained move above current resistance levels could support further gains in gold prices. However, analysts cautioned that if the metal fails to maintain upward momentum, it could face another phase of downward pressure. Traders and investors are therefore watching market developments carefully as both economic and policy factors continue to influence sentiment.